Getty Images to Go Private After Failed Shutterstock Merger

Getty Images plans to file for Chapter 11 bankruptcy protection and go private as part of a restructuring agreement. The company announced on Monday that it has secured $533 million in financing from the Getty family and Charles Koch's investment firm to reduce its debt.

This move follows the failure of earlier merger plans with rival stock platform Shutterstock, which fell through earlier this year. The prepackaged Chapter 11 process is expected to commence in the coming weeks.

Getty Images anticipates the restructuring will be completed by the end of the year. The company stated that the process is not expected to impact its content contributors, partners, customers, or employees globally. The primary goal is debt reduction and transition to private ownership.